SB 663 Summary

• Prohibits voter-approved pension property tax revenues from being allocated to Redevelopment Property Tax Trust Funds for the 2014-15 fiscal year and thereafter, instead directing them to the city, county, or city and county that approved the tax.

• Allows successor agencies to request use of pension tax revenues to pay enforceable obligations on a Recognized Obligation Payment Schedule only with written approval from the jurisdiction whose voters approved the tax.

• Requires pension tax revenues pledged as security for indebtedness to be allocated to successor agencies to pay that specific debt obligation until fully paid, with excess revenues returned to the approving jurisdiction.

• Deems all pension tax revenue allocations made by county auditor-controllers prior to July 1, 2014, as correct and prohibits any claims for damages or reallocated revenues related to those allocations.

• Declares the act an urgency statute that takes effect immediately to prevent underfunded pension programs caused by redevelopment agency debt service obligations.